Joint Venture Developing 730,000-SF Downtown Tech Asset

The company developing a six-floor, 730,000-sf downtown tech building near the Miami Arena has linked up with an operator to jointly design, engineer, build finance, operate, market and manage the Network Access Point of the Americas.

Terremark Worldwide’s Technology Center of the Americas is slated to house a 125,000 sf NAP which is a technological connection for high-speed, electronic communications. The Miami-based firm has joined forces with Telcordia Technologies of Moristown, NJ, recently selected by a consortium of 48 telecom companies to operate the NAP.

Terremark and its T-Rex telecom facility development subsidiary will work with Telcordia to bring the project on line as early as next year. If successful, the Miami facility would be a model for NAPs the joint venture might develop in Latin America and Asia.

But first the JV must beat BellSouth to the starting gate. The regional telephone company has announced plans to develop a number of its own NAPs in South Florida.

The estimated construction cost of the 730,000-sf Technology Center of the Americas is between $80 million or $109 psf and $150 million or $205 psf.